9th Nov 2009 07:00
9 November 2009
PartyGaming Plc
("PartyGaming" or "the Company")
Acquisition of World Poker Tour completed
PartyGaming, the world's leading listed online gaming company, announces the completion of the acquisition of the business and substantially all of the assets of WPT Enterprises Inc. ("WPTE") for a cash consideration of $12.3 million plus an additional minimum aggregate payment of $3m over the next three years relating to an ongoing revenue share agreement.
The assets being acquired include, inter alia:
The World Poker Tour® brand, rights to a number of land-based events in the US and Europe and all other intellectual property rights associated with the World Poker Tour
An extensive library of over 150 hours of poker programming that is broadcast in more than 150 countries
The ClubWPT subscription poker offering that has more than 16,500 paying subscribers in 37 US states
Commenting on today's announcement, Jim Ryan, PartyGaming Chief Executive Officer, said:
"This deal brings together two of the biggest brands in online and offline poker - www.PartyPoker.com and World Poker Tour - that we will market internationally to build our poker business. Our plans also include using the ClubWPT subscription platform to leverage our 12 million-strong US player database via a Party-branded website and the launch of a European WPT-branded poker and casino site. We are excited about the opportunities that WPT, a proven marketing channel for the Group, will create for PartyGaming, particularly if the US regulates and licenses online gaming."
Steve Lipscomb, the founder of WPTE, said:
"PartyGaming has been an important partner for a number of years and we are confident that they will be an excellent manager of our brands in the future. Combining two of the pioneers and leaders in the poker and online gaming markets will create a strong vehicle for the WPT brand to continue its global expansion."
Contacts:
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Peter Reynolds, Director of Corporate Affairs +44 (0) 207 337 0100 |
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John Shepherd, Director of Corporate Communications |
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About PartyGaming Plc
PartyGaming Plc is the world's leading listed online gaming company. Founded in 1997, the Group is a constituent of the FTSE 250 share index with its shares listed on The London Stock Exchange under the ticker: PRTY. In the year to 31 December 2008, PartyGaming's Continuing operations generated revenues of $472.9m and Clean EBITDA of $144.2m. PartyGaming's principal brands are www.PartyPoker.com, one of the world's largest online poker rooms, www.EmpirePoker.com, www.PartyCasino.com, www.PartyBingo.com, www.PartyGammon.com, www.PartyBets.com, www.PartyMarkets.com, www.FoxyBingo.com, www.GetMinted.com, and www.Gamebookers.com. None of the Group's sites accept real money customers located in the US. The Group is a responsible gaming operator as recognised by GamCare a leading responsible gaming charity in the UK.
PartyGaming is regulated and licensed by the Government of Gibraltar and by the Alderney Gambling Control Commission and is certified by GamCare as a responsible gaming operator and is also a constituent member of the FTSE4Good Index of companies. For more information, please visit www.partygaming.com.
About WPT Enterprises Inc.
WPT Enterprises, Inc. is one of the most recognised names in internationally televised gaming and entertainment with brand presence in land-based tournaments, television, online and mobile. WPTE has led innovation in the sport of poker since 2002, when it ignited the global poker boom with the creation of the World Poker Tour television show. Based on a series of high stakes poker tournaments, WPT is now broadcast globally and premiered its all-new seventh season on Fox Sports Net's national sports network in the United States in January 2009. WPTE also offers a unique online subscription and sweepstakes-based poker club, ClubWPT.com, that has players from 37 states across the US. WPTE also participates in strategic brand license, partnership and sponsorship opportunities. For more information see: www.worldpokertour.com.
Related Shares:
BPTY.L